Last year, ET engaged government and business leaders with a 10-point 'Agenda for Renewal' to help arrest an alarming economic slowdown and kick start growth. This year, as Prime Minister Manmohan Singh reflected on the recent spurt of reforms, he used this agenda to measure his government's progress. "You will see that we have moved forward on most fronts in a substantive way. We have 'dispelled gloom & doom', improved the 'climate for foreign investment', improved 'ministry coordination', and are working hard to 'restore investor confi dence and the growth environment'. We have taken signifi cant steps in resolving 'energy & power' problems and tackling 'urbanisation' issues and improving the PDS," he said. That's progress, but more reforms are needed. A panel comprising Commerce and Industry Minister Anand Sharma, Telecom Minister Kapil Sibal, Planning Commission Deputy Chairman Montek Singh Ahluwalia and UIDAI Chairman Nandan Nilekani faced over 400 business leaders on a crucial question: Can the recent burst of reforms return us to high growth? Edited excerpts:

Deepak Parekh: India Inc is of the view that the worst is over. The wheels of government machinery have started moving and the recent announcement of reforms has given lot of confidence to the market. Now the question I want to ask is about corruption. Scams happen all over the world, all the time. People are fined heavily, organisations pay heavy fines, the legal machinery kicks in, but nothing comes to a standstill.

In India, when there is a scandal, decisions come to a standstill. It happened in telecom and in coal. Bureaucrats are wary of taking decisions for fear of being questioned afterwards or being harassed after they retire. How do we re-instil confidence amongst them? How do we find a better legal system where things move faster?

Anand Sharma: Well, it is good that you have asked this question. The public discourse has become very shrill and the atmosphere has got vitiated. We must remember that we are a constitutional democracy, a rule-based and rule-governed society. There are due processes, but at the same time that must not deflect us from the larger objective of serving the supreme national interest of creating an environment where people believe in our country. Our global partners must trust us and we must continue on the same path on which we have embarked long back. India can ill afford an atmosphere of suspicion...of distrust.

We cannot allow this thing to fester where the civil servants don't take decisions for decades, and you have cases pending in the courts of law. We are still a country which is developing. We have the largest middle class perhaps in the developing world; at the same time we are also home to a large number of poor people. Now, what we gain from economic growth should be reinvested, redistributed for the common good.

If we do not have capital formation, if we do not have investments coming, if we do not have decisions being taken, if we have a situation where jobs are not being created, whose good is being served? Yes there are issues on which we need to collectively reflect as a nation where improvements are required, but you cannot change the Constitution. Let us believe in and respect the constitution of India. I agree with Deepak Parekh. Let us continue with our work, let us continue with decision-making, reassure the system that people who are working in the interest of the Republic of India shall get that protection. This is everyone's duty and of the political leadership.

Bodhisatva Ganguli: Mr Sibal, would you like to comment on this?

Kapil Sibal: Deepak has raised a very important point. Let me just try and answer it in two-three different ways. Let us take the telecom sector. When did the paralysis start? It started in 2010, not because of government but because of what happened in the court of law. 122 licences were cancelled. The moment that happened, we started to set things right; we have taken quick decision, firm decisions. The result of which is that we are in the process of an auction which will start on 12th of November.

We tried our best to take decisions in such a manner that everybody is dealt with fairly. We have dealt with the paralysis effectively and I can assure you that while we were taking these decisions, the bureaucracy was with us a 100%. They never faltered. We took bold decisions in the sector.